A Charlottesville/Albemarle Area RE Blog tracking the market's Boom Bubble Bust Bounce, from 2008 to 2013. The second half of 2010 saw a steep downward spiral in sales; 2011 saw sales volume at 13 yr lo with prices dropping each Quarter. 2012 began with even lower prices which resulted in an uptick in Y/Y sales, and mid-2012 saw "Carpe Diem" trumping "Caveat Emptor." 2013: Booming. Are we a "Protected Market" once again? Time will tell.
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Thursday, October 8, 2009

1503 Oxford Road, Charlottesville: Price Reduced $100K to $475K

1503 Oxford Road in Charlottesvilleis a new listing has been relisted with a new Realtor/Broker, and has had a price change from $569,900 in April to$475,000 in October 2009. (See images, below.)

1503 Oxford last sold in 1986 for $131K. It is appraised at $375K.3 bedrooms, 2.5 baths, 1536 sq feet plus 700sq ft apartment.

About 100 properties' listings expired at the beginning of September; about 50 expired at the beginning of October; a number of these properties are showing up, or will show up, as Relistings.

A buyer's agent will show his/her client all the recent listings for a particular property.

What relisting does, though, no matter what the reason for it, is change statistics. Say this house sells in 45 days for $405,000. If the 45 days,instead of the +/- 250 days on the market, will be used to calculate "Average Days on Market."This wouldn't be accurate.

The theoretical selling price of $405 is 71% of $569, but would be 85% of $475K. Depending upon which price is used as "list price" drastically changes the calculation of "percentage difference in sales v. listing" pricedata that appear on all local real estate sales updates provided by professional agents. Andit's an important figure for both buyers and sellers when listing or making an offer.

There are currently +/- 203 single family homes for sale in the City of Charlottesville. +/- 29 properties available in the City have asking prices of $390-499K.

April's listing for 1503 Oxford. Click for larger image in new window.

Va. Housing Development Authority market data for the local Realtors Assn. indicates rising foreclosures, declining prices, then "correction" at least 12 months away.Comparisons: See Current Median Home Prices in Cville, Alb, other parts of VA, and 20 other markets.

Home prices likely lower in 2011, in 85% of the United States' 381 metropolitan areas - PMI Group. Includes graphs.VP Biden - We "Misread the Economy" - VideoThe number of foreclosures keeps rising because mortgageholders can't afford the modifications. Read the data.

Halsey Minor, King of The Tyvek Tower, is being sued not just by contractors, but by the funding bank. TheLandmark Mess continues. City claims it will not bail out the blight on the landscape and a real contrast to the $7.5 million in bricks at the base of the steel girders.